Britain to cut corporation tax rate

British Chancellor George Osborne has revealed this afternoon that the UK is to cut its rate of corporation tax by 2% from April 2011 – rather than 1% as previously announced – and to fall by 1% in each of the next three years to reach 23%.

Osborne is currently giving his budget speech in the house of Commons, where he stated that it is a budget for “growth and jobs”, declaring: “Britain has a plan and we’re sticking to it”.